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Fully Automated Enterprise 2022 - Automation'S Hidden Trap

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  • 20 Pages
  • May 2022
  • Region: Global
  • Arizent
  • ID: 5715049
Most companies are investing in or exploring automation as a means to gain a competitive edge because of the outsized results it can deliver, if done correctly, ranging from workforce optimization to improved workflows, more efficient use of resources, better customer service and more. For those organizations not heavily investing in or exploring automation, they run the risk of falling behind their peers and to more nimble market entrants such as fintechs and insurtechs that are often not saddled with legacy systems.

Beyond gaining a competitive advantage, companies are also investing in automation just to keep up with the growing regulatory burdens, higher rates of fraud and the demand for a better customer experience. In other words, many business leaders see automation as an important tool in helping their businesses grow as they deal with the increasingly complex market environment.

Unfortunately, many companies are not satisfied with their performance as their ability to drive automation is often stymied by the reliance on single point solutions that automate only a part of a business process compared to end-to-end solutions that virtually eliminate most human interaction during a business process.

Deploying mostly end-to-end solutions, as part of the quest in becoming a fully automated enterprise, is difficult work as it involves not only deploying solutions that are scalable and flexible enough to adapt to an organization’s needs, it also requires a company to upgrade its workforce, reorganize it business processes, follow best practices and set the right KPIs to accurately measure success. In an effort to avoid failure in automation initiatives many companies are seeking C-suite sponsors to overcome challenges and ensure successful implementations. While the obstacles are not insignificant, the rewards from getting it right outweigh the challenges on the road to becoming a fully automated enterprise.

Table of Contents

  • Key Findings
  • About this report
  • Adoption of automation technologies is more evenly spread across insurance than banking
  • Banks and insurance companies see value in automation
  • There’s strong interest in driving automation adoption
  • The choice of what gets automated differs by industry
  • The demand for automation continues
  • Single point solutions comprise half of automation initiatives, impeding progress
  • Satisfaction with existing automation efforts is mediocre at best
  • There’s still gold to be mined in automation
  • There’s a graveyard of automation failures
  • Implementing automation is challenging but with the right approach it can succeed
  • Corner office sponsorship is a best practice to be followed
  • Conclusion